CANBERA (dpa-AFX) - Asian stocks turned in a mixed performance on Thursday, with rising tensions between the United States and China, and mixed earnings, including a sharp drop in Tesla's profit, keeping investors on edge.
According to a White House official, the Trump administration is weighing export restrictions against China that would bar the purchase of a wide swath of critical software in response to China's tightened rare earth exports.
China's Shanghai Composite index ended up 0.22 percent at 3,922.41, reversing early losses as investors braced for a key meeting between Chinese President Xi Jinping and U.S. President Donald Trump slated for next week.
Hong Kong's Hang Seng index rose 0.72 percent to 25,967.98 as investors awaited a communique outlining the government's economic, political and social agenda from the four-day Communist Party conclave in Beijing.
Japanese markets extended losses after reaching a new record high earlier in the week. The Nikkei average fell 1.35 percent to 48,641.61 as newly appointed Prime Minister Sanae Takaichi ordered a fresh package of economic measures aimed at easing the burden of inflation on businesses and households.
The broader Topix index settled 0.39 percent lower at 3,253.78. Among the prominent decliners, Tokyo Electron and Disco Corp lost 3-4 percent.
Seoul stocks ended sharply lower, after having hit record peaks earlier in the day as the Bank of Korea held its benchmark interest rate steady as widely expected to avoid spurring a housing market rally. The Kospi average fell 0.98 percent to 3,845.56.
Australian markets ended marginally higher, reversing early losses. While higher oil prices boosted energy stocks, miners and banks ended on a sluggish note.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index edged up by 0.53 percent to 13,377.10 with gains seen across most sectors.
The dollar inched up against rivals in Asian trade as investors waited for the delayed release of U.S. consumer inflation data on Friday for clues on the Fed's rate trajectory.
Gold drifted lower for the third day, falling below $4100 an ounce triggered by some profit-taking action.
Oil prices rallied more than 3 percent after U.S. President Donald Trump slapped 'tremendous' new sanctions on Russia's two largest oil companies in a bid to pressure his Russian counterpart, Vladimir Putin, into ending the war in Ukraine.
U.S. stocks fell overnight as Netflix reported weaker than expected third quarter earnings, Texas Instruments disappointed with its Q4 guidance, and Treasury Secretary Scott Bessent confirmed that the White House is weighing curbs on exports to China made with U.S. software in retaliation for Beijing's latest round of rare earth export restrictions.
The tech-heavy Nasdaq Composite gave up 0.9 percent, the Dow dipped 0.7 percent and the S&P 500 declined half a percent.
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